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U.S. Mortgage Interest Rates Continue Rise

Sep 5, 2018 7:33:46 AM

The average U.S. mortgage loan interest rate stood at more than two-thirds of a point higher than average rates during the same time last year, according to Freddie Mac's weekly Primary Mortgage Market Survey for the week ending August 30, 2018.

First-time homebuyer reviewing mortgage programsThe 30-year, fixed-rate mortgage loan averaged 4.52 percent, with an average 0.5 point, up from 4.51 percent the previous week. The 30-year note averaged about two-3.82 percent during the same week last year.

“The 30-year fixed-rate mortgage barely inched up this week, continuing the summer trend of essentially being flat,” Sam Khater, Freddie Mac's chief economist, said. “While sales and price growth have softened [nationally] these last few months, this leveling of rates may be helping more buyers reach the market. Purchase mortgage applications this week were once again modestly above year-ago levels.”

The 15-year, fixed-rate mortgage averaged 3.97 percent, with an average 0.5 point, a slight decline from 3.98 percent the previous week. The 15-year loan averaged 3.12 percent a year ago.

The five-year adjustable-rate mortgage (ARM) averaged 3.85 percent, with an average 0.3 point, an increase from 3.82 percent the previous week. The five-year ARM averaged 3.14 percent during the same week in 2017.

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Topics: Mortgage Rates & News

    

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